Caring.com Joins The Bankrate Network of Websites
Caring.com has been acquired by Bankrate, Inc. (NYSE: RATE)
San Mateo, CA, May 8, 2014 — – Caring.com, a leading senior care resource for family caregivers in the United States and a top website for senior care reviews, has been acquired by Bankrate, Inc. (NYSE: RATE), a leading online publisher, aggregator, and distributor of personal finance content. The Bankrate network of websites includes Bankrate.com, CreditCards.com, Interest.com, InsuranceQuotes.com, and NetQuote.com. Bankrate reaches a monthly audience of over 14 million U.S. consumers. Caring.com will remain an independent website, and the Caring.com team will lead Bankrate's efforts for senior care.
"Bankrate shares Caring.com's mission of providing consumers with objective information to help with difficult decisions," said Andy Cohen, Caring.com CEO. "Joining the Bankrate network gives us resources and expertise that will allow Caring.com to grow quickly beyond our current 2 million monthly visitors and reach more of the 43 million caregivers in the U.S. who need help making senior care decisions."
"We are excited about bringing Bankrate's proven ability to scale audiences to the senior care market," said Kenneth S. Esterow, President and CEO of Bankrate, Inc. "With the strength of Bankrate behind it, Caring can continue to excel at serving both consumers and senior care providers, while much more quickly expanding the reach of their high-quality services."
As part of Bankrate, Caring will remain headquartered in San Mateo, CA, and Andy Cohen will remain CEO of Caring.com. The Caring team will continue on with the company.
With more than two million visitors per month, San Mateo-based Caring.com is a leading senior care resource for family caregivers seeking information and support as they care for aging parents, spouses, and other loved ones. Caring.com provides helpful caregiving content, online support groups, and a comprehensive Senior Care Directory for the United States, with nearly 55,000 consumer ratings and reviews and a toll-free senior living referral line (1-800-952-6650). In January 2012, Caring.com launched the annual Caring Stars award program, recognizing America's best assisted living communities based on consumer reviews, and in Summer 2013 also announced the Caring Champions program to recognize and reward professional caregivers of seniors. Recently, Caring was named an Official Honoree in the 2013 Webby Awards, and it is included in the Red Herring Top 100 North America, a distinction for the region's most promising privately held technology companies. Connect with Caring.com on Facebook, Twitter, Google+, LinkedIn, Pinterest, and/or YouTube.
About Bankrate, Inc. (NYSE: RATE)
Bankrate is a leading publisher, aggregator, and distributor of personal finance content on the Internet. Bankrate provides consumers with proprietary, fully researched, comprehensive, independent, and objective personal finance editorial content across multiple vertical categories including mortgages, deposits, insurance, credit cards, and other categories, such as retirement, automobile loans, and taxes. The Bankrate network includes Bankrate.com, our flagship website, and other owned and operated personal finance websites, including CreditCards.com, Interest.com, Bankaholic.com, Mortgage-calc.com, CreditCardGuide.com, InsuranceQuotes.com, CarInsuranceQuotes.com, InsureMe.com, and NetQuote.com. Bankrate aggregates rate information from over 4,800 institutions on more than 300 financial products. With coverage of nearly 600 local markets in all 50 U.S. states, Bankrate generates over 172,000 distinct rate tables capturing on average over three million pieces of information daily. Bankrate develops and provides web services to over 75 co-branded websites with online partners, including some of the most trusted and frequently visited personal finance sites on the Internet, such as Yahoo!, CNN Money, CNBC, and Comcast. In addition, Bankrate licenses editorial content to over 100 newspapers on a daily basis, including The Wall Street Journal, USA Today, The New York Times, The Los Angeles Times, and The Boston Globe.
This news release contains forward-looking statements, which include statements expressing the intent, belief, or current expectations of Bankrate and Caring that are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. Actual results might differ materially from those stated or implied by such forward-looking statements due to risks and uncertainties associated with the transaction and Bankrate's and Caring's businesses, which include, but are not limited to: macroeconomic conditions and general industry conditions such as the competitive environment and the growth prospects for the senior housing industry; the effects of disruption from the transaction, making it more difficult to maintain relationships with employees, customers, suppliers, and other business partners; litigation and regulatory risks; and risks related to the successful integration of the business acquired and the ability to realize the expected benefits from such acquisition. For more information about factors that could cause actual results to differ materially from our expectations, refer to Bankrate's reports filed with the Securities and Exchange Commission, including the discussion under "Risk Factors" in Bankrate's Annual Report on Form 10-K for the year ended December 31, 2013. These documents are available on the SEC's website at www.sec.gov. Bankrate undertakes no obligation to update or revise forward-looking statements as a result of new information, future events, or otherwise, except as otherwise required by law.
For more information, please contact:
Kayleen J. Yates
Senior Director, Corporate Communications